Metro Bank 2% savings account

xxdeebeexx

Hi I had a quick look at the Metro Bank 2% savings yesterday and couldn't work out if I needed to fund the account immediately or if I could do it later, in one lump sum or if it could be funded over a period of time.


I don't have a Metro Bank account and wondered if they came recommended.
I can't see this account mentioned on the savings forum and wondered why.


tia

HHarry

You have to commit to a (maximum) amount when you apply for the account.

You then have 30 days to transfer this amount over, or after 30 days the account is 'started' with whatever you have transferred to that point. You can't add any more after 30 days.

ColdIron

If you don't have a Metro Bank account they say you can accumulate the cash within a 30 day window. I have never tried it

A warning for those that do have a current/easy access account, don't try this as they will fix the money on your first deposit and disallow further ones. I've had to get them to reverse the process recently and a couple of years ago

https://www.metrobankonline.co.uk/savings/products/fixed-term-savings/

Opening an account online

If you open your account online, an Instant Access Savings Account will be opened automatically for you. Money from this account will be transferred into your Fixed Term Savings Account.
This will be done either:

• once you’ve paid in at least the minimum amount you’ve agreed to deposit in your Fixed Term Savings Account
• after 30 days of opening the account if you’ve paid in less than the minimum amount you've agreed to deposit

If you don’t pay any money into the Instant Access Savings Account within 30 days of opening it, it will be closed and your Fixed Term Savings Account won’t be activated.

eskbanker

xxdeebeexx wrote: »

I can't see this account mentioned on the savings forum and wondered why.

The account is listed among the other one-year fixes at https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#fixedsavings but it's comfortably beaten by the BLME Sharia account at 2.2%.

I think it's fair to say that fixed term savings accounts in general don't tend to attract a huge amount of discussion on this board though....

adindas

I open this one in Mid June and wil be opening again soon in Mid July, 2019. With a little more work People could turn this account "similar" to £1.000 (say) fixed rate regular saver earning 2% interest.

The key here is that there is no limit how many accounts you could open.

Say you open a new one every month with a small sum of £1000 (rather than a lumpsum of £12.000. Here you will have one account mature every month. It is very simple to open and close it. When you close the old one, you are using the same time to open a new one. Done you have A RS where you could pay £1000 or bigger a month earning 2% interest.

No_Name

What are people's experiences with the application process with Metro's savings account?


I get the impression a branch visit under all circumstances?

HHarry

No_Name wrote: »

What are people's experiences with the application process with Metro's savings account?


I get the impression a branch visit under all circumstances?

Very easy, and no.

Took a few days to get my customer number in the post, but everything was straight forward.

adindas

No_Name wrote: »

What are people's experiences with the application process with Metro's savings account?

I get the impression a branch visit under all circumstances?

If you already have an internet banking access as result of other porduct such as current account. No branch visit nedeed.
You can open a saving AC in less than 5 minutes online.

No_Name

Thanks for your replies.


So a completely new customer can potentially apply and open an account all online without the need for branch visit or ID documents sent via post?

ColdIron

Yes you can apply online without a branch visit but nobody can guarantee that the bank won't want further proof of ID etc if you fail the electronic check

EthicsGradient

I tried to open a Metro account online, and the process hung about half way through (I tried several times over a week or so). There was no error message or explanation, just that the button to go to the next page did nothing. Their online help just responded with "go to a branch" - they seemed unsurprised and unconcerned that it didn't work. This was with Windows 10 and a Chrome browser, so unlikely to have been any "unusual combination" of how to access it.